PA9-4 (Static) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for bulldings, and straight-line amortization for patents. January 2, 2020. Paid 595,000 cash to purchase storage shed components. January 3, 2020 paid $5,000 cash to have the storage shed erected. The ntorage shed has an estinated 11\%e of 10 years and a renidual value of $10,000. Apri1 1, 2020 Paid 530,000 cash to purchase a pickup truek for use in the business. The truck has an estimated uneful life of tive years and a residual value of 58,000 , this vehicle is to be recorded in the Truek account. May 13, 2020 Paid 5250 cash for minor repairs to the piekup truck'n upholntery. July 1, 2020 paid $20,000 caoh to purchane patent righta on a new paper bag manufacturing procens, The patent in eatinated to have a renaining usetul lifo of five years. December 31, 2020 Recorded depreciation and anortization on the pickup truck, storage shed, and patent. June 30, 2021 sold the pickup truck for 533,000 canh. (Record the depreciation on the truck prior to recording its disposal. ) Decenber 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortiaation. After recording the patent anortization, deternined that the patent wai inpsired and wrote off its remaining book value (1.e., wrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.). patenc anortsaacion, determunea that cne patent was inpasrea ano wrote orx ite remasting book value (i.e., wrote down the book value to zero). Required: Prepore the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (1) (2) 3 (4) 5 7812> Record the depreclation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. (i,e., Mrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Tauwal axtar marlethant patent anorcizarion, ducetrised tnat tne patent wai spasred and wroce orr ien resatniag book vatue (i.e., vrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld. Do not round intermediate calculations.) (i+e+. vrote down the book valie to zero). equired: repare the journal cntries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal intry Required in the first account field. Do not round intermediate calculations.) (i.e., Yrote dovn the book valiae to tero). 2equired: repare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal entry Required" in the first account field. Do not round intermediate calculations.) patent anortzatioa, determaned talat tne patenc was spairea and wroce ort 1 te remainang odok varue (i.e., wrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Note: emter oebns perore beans. patent anortization, aecermineo that the paceht wav ampadreo ana wrote ork ica resaunung oook vaste (i.e., vrote deve the book value to rero). Required: Prepare the journal entries required on each of the above dotes. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.) PA9-4 (Static) Recording Transactions and Adjustments for Tangible and Intangible Assets [LO 9-1, LO 9. 2, LO 9-3, LO 9-4, LO 9-5, LO 9-6] The following transactions and adjusting entries were completed by a paper-packaging company called Gravure Graphics International. The company uses straight-line depreciation for trucks and other vehicles, double-declining-balance depreciation for bulldings, and straight-line amortization for patents. January 2, 2020. Paid 595,000 cash to purchase storage shed components. January 3, 2020 paid $5,000 cash to have the storage shed erected. The ntorage shed has an estinated 11\%e of 10 years and a renidual value of $10,000. Apri1 1, 2020 Paid 530,000 cash to purchase a pickup truek for use in the business. The truck has an estimated uneful life of tive years and a residual value of 58,000 , this vehicle is to be recorded in the Truek account. May 13, 2020 Paid 5250 cash for minor repairs to the piekup truck'n upholntery. July 1, 2020 paid $20,000 caoh to purchane patent righta on a new paper bag manufacturing procens, The patent in eatinated to have a renaining usetul lifo of five years. December 31, 2020 Recorded depreciation and anortization on the pickup truck, storage shed, and patent. June 30, 2021 sold the pickup truck for 533,000 canh. (Record the depreciation on the truck prior to recording its disposal. ) Decenber 31, 2021 Recorded depreciation on the storage shed. Recorded the patent amortiaation. After recording the patent anortization, deternined that the patent wai inpsired and wrote off its remaining book value (1.e., wrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.). patenc anortsaacion, determunea that cne patent was inpasrea ano wrote orx ite remasting book value (i.e., wrote down the book value to zero). Required: Prepore the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet (1) (2) 3 (4) 5 7812> Record the depreclation and amortization expense on the pickup truck, storage shed and patent for the year. Note: Enter debits before credits. (i,e., Mrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (if no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Tauwal axtar marlethant patent anorcizarion, ducetrised tnat tne patent wai spasred and wroce orr ien resatniag book vatue (i.e., vrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account fleld. Do not round intermediate calculations.) (i+e+. vrote down the book valie to zero). equired: repare the journal cntries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal intry Required in the first account field. Do not round intermediate calculations.) (i.e., Yrote dovn the book valiae to tero). 2equired: repare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal entry Required" in the first account field. Do not round intermediate calculations.) patent anortzatioa, determaned talat tne patenc was spairea and wroce ort 1 te remainang odok varue (i.e., wrote down the book value to zero). Required: Prepare the journal entries required on each of the above dates. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Note: emter oebns perore beans. patent anortization, aecermineo that the paceht wav ampadreo ana wrote ork ica resaunung oook vaste (i.e., vrote deve the book value to rero). Required: Prepare the journal entries required on each of the above dotes. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Do not round intermediate calculations.)